CAIRO: Minister of Supply and Internal Trade Khaled Hanafy announced in a statement Tuesday that Egypt signed two letters of intent with a number of Chinese firms to invest in Egypt’s global grain logistic hub, set to be established in Egypt’s Delta governorate of Damietta, and in the commercial zone near the Suez Canal axis.
Hanafy who accompanies President Abdel Fattah al-Sisi in his 1st visit to China, said that the Chinese companies commended the two projects during their meeting with the president.
The Chinese firms pointed out that the two national projects are expected to attract direct foreign investments to Egypt and that they will represent a leap in Egypt’s economy, according to the statement.
A number of intensive meetings are to be held with heads of several Chinese investment companies in order to promote economic cooperation and trade between the two countries through establishing joint investment projects, said Hanafy.
Sisi met with members of the joint Egyptian- Chinese Business Council Tuesday to review the recent steps to boost Egypt’s economy, according to presidential statement.
“The President initiated his speech by stressing on the need to support the joint business council and its efforts aimed at promoting cooperation between business communities in the two countries,” presidential spokesperson Alaa Youssef said in the statement Tuesday.
During his speech, Sisi demonstrated the recent steps taken to revive Egypt’s economy, including cutting of oil subsidies, increasing spending on infrastructure development projects and raising the standards of services provided to citizens; namely health care and education.
Sisi was invited to make the trip by Chinese Politburo member Meng Jianzhu, the secretary of the Central Politics and Law Commission of the Communist Party, during a meeting held Nov. 22 in Cairo.